ElectricSavant said:So the purpose of their promotion is retention...what is your point ?


Just answering your question. No need to be confrontational.

Thanks OP! My ad blocker was blocking this ad by default so I never would have seen it without this post!

I applied last week, got deferred but they still haven't done a hard pull? That can't be good, I did just apply and get approved for a Sony card the day before. Going to call and check tonight.

My wife received her card today. Guess how the rewards program works.

When you get 2500 points you can redeem them for $50 against your Countrywide Mortgage. This much you knew already. What I didn't know until just now is that when you redeem the points they just mail you a check made out to "Countrywide Home Loans" and you have to mail it in.

This is kind of a bummer because of the hassle and the postage. On the other hand, it opens the door to reducing your normal payment by $50 and using the Chase check to make up the difference. In other words, instead of prepaying your mortgage, you just pay it according to the normal schedule but pay less. You might want to do this if you had an especially favorable rate for example.

I guess this also answers the question of what kind of loans you can pay with this card. I think any loan with Countrywide which you can pay with a check made out to "Countrywide Home Loans" should work with this card.

The other thing some of you might be interested in is the card comes with a BT check attached to the card carrier. It's just like the Chase Sony card if you are familiar with that. The terms included with the card confirm that the check is treated as a 0% BT for 12 billing cycles following opening of the account. The fee is 3%, minimum $5, maximum $75. No points earned on the BT check.

I successfully wrote the check attached to the Sony card to myself and deposited it in my non-Chase checking account. Chase seems to allow these checks to be used that way. It even says "Write this check as you would a personal check."

how about their loan rates? Higher rates destroy the rewards.

jmz668 said:neuist said:how about their loan rates? Higher rates destroy the rewards.
My 5.25% loan is not too high.

ETA. Got my card today.
thanks, 5.25% is really not high while it depends on region and types

PugRanch said:

When you get 2500 points you can redeem them for $50 against your Countrywide Mortgage. This much you knew already. What I didn't know until just now is that when you redeem the points they just mail you a check made out to "Countrywide Home Loans" and you have to mail it in.

It seems a lot like the student loan checks from Citi's TY points.

I got approved instantly, my account got bought by Countrywide, my interest rate.

I did not get approved instantly online but got the card today. My mortgage was bought by CW.